How claiming age changes your benefit
Your Social Security retirement benefit is built around one number: your primary insurance amount, the monthly benefit you get if you start at your full retirement age (FRA). Start earlier and the benefit is permanently reduced; start later, up to age 70, and it is permanently increased. The calculator applies the Social Security Administration's rules month by month.
Early: −5/9 of 1% for each of the first 36 months before FRA, then −5/12 of 1% for each further month
Late: +2/3 of 1% for each month after FRA, up to age 70 (8% a year)
Full retirement age by year of birth
| Born | Full retirement age | Benefit at 62 | Benefit at 70 |
|---|---|---|---|
| 1943 – 1954 | 66 | 75% | 132% |
| 1955 | 66 and 2 months | 74.17% | 130.67% |
| 1956 | 66 and 4 months | 73.33% | 129.33% |
| 1957 | 66 and 6 months | 72.5% | 128% |
| 1958 | 66 and 8 months | 71.67% | 126.67% |
| 1959 | 66 and 10 months | 70.83% | 125.33% |
| 1960 and later | 67 | 70% | 124% |
If you were born on January 1, use the previous year. Social Security also treats you as reaching an age the day before your birthday.
Worked example: 62 vs 67 vs 70
Someone born in 1964 has a full-retirement-age benefit of $2,000 a month. Their FRA is 67.
- At 62: 60 months early. 36 × 5/9% = 20% plus 24 × 5/12% = 10%, a 30% reduction: $1,400 a month.
- At 67: the full $2,000.
- At 70: 36 months of delayed credits at 2/3% = 24% more: $2,480 a month.
Waiting from 62 to 70 raises the monthly check by 77%, but means giving up eight years of payments. That trade-off is what the break-even age measures.
Break-even age
The break-even age is when the total collected from a later claim catches up with the total from an earlier one:
Break-even age = (later benefit × later claim age − earlier benefit × earlier claim age) ÷ (later benefit − earlier benefit)
- 62 vs 67: (2,000 × 67 − 1,400 × 62) ÷ 600 = about 78 years 8 months.
- 67 vs 70: about 82 years 6 months.
- 62 vs 70: about 80 years 4 months.
If you live beyond the break-even age, the later claim pays more over your lifetime; if not, the earlier claim does. Cost-of-living adjustments raise every option by the same percentage, so they do not move the break-even age much. Investing early benefits, or needing them to avoid drawing down savings, can move it either way.
Other things that matter
- Health and family longevity. A 65-year-old today has a good chance of living well into their 80s, past most break-even ages. Poor health argues for claiming earlier.
- Married couples. A spouse can receive up to 50% of the worker's full-retirement-age benefit; this spousal benefit is reduced if claimed early but does not grow past FRA. When one spouse dies, the survivor keeps the larger of the two benefits, so a higher earner who waits until 70 also raises the survivor's income.
- Working before FRA. In 2026, if you are under full retirement age all year, $1 of benefits is withheld for every $2 earned above $24,480. In the year you reach FRA, $1 for every $3 above $65,160 (counting only earnings before the month you reach FRA). Withheld benefits are not lost: your benefit is recalculated at FRA.
- Taxes. Up to 85% of benefits can be federally taxable, depending on your other income.
- Medicare starts at 65 regardless of when you claim Social Security.
Where to find your numbers
Your Social Security Statement at ssa.gov/myaccount shows your estimated benefit at 62, at full retirement age and at 70, based on your actual earnings record. Enter the full-retirement-age figure here to see every age in between and the break-even ages. To see how other savings fill the gap if you claim later, try the retirement savings calculator or, if you are 73 or older, the RMD calculator.
This calculator uses today's dollars and the SSA's reduction and delayed-credit rules; it does not estimate your primary insurance amount from earnings. Results are estimates, not advice.
Frequently asked questions
How much less is Social Security at 62 than at 67?
For anyone born in 1960 or later, claiming at 62 pays 70% of the full-retirement-age benefit, a 30% permanent reduction. A $2,000 benefit at 67 becomes $1,400 at 62.
How much more do I get if I wait until 70?
Delayed retirement credits add 8% for each year after full retirement age. With an FRA of 67, waiting until 70 pays 124% of the full benefit: $2,480 instead of $2,000.
What is the break-even age for Social Security?
With an FRA of 67, it is about 78 years 8 months for 62 versus 67, about 82 years 6 months for 67 versus 70, and about 80 years 4 months for 62 versus 70.
What is my full retirement age?
66 if born 1943–1954, rising by two months per birth year to 67 for anyone born in 1960 or later.
Can I work and collect Social Security before full retirement age?
Yes, but in 2026 $1 is withheld for every $2 you earn above $24,480 (or $1 for every $3 above $65,160 in the year you reach FRA). Withheld amounts are credited back when your benefit is recalculated at FRA.
Sources
- Social Security Administration. Benefits Planner: Retirement age and benefit reduction.
- Social Security Administration. Benefits Planner: Delayed retirement credits.
- Social Security Administration, Office of the Chief Actuary. Early or late retirement.
- Social Security Administration. Exempt amounts under the earnings test (2026: $24,480 and $65,160).
- Code of Federal Regulations. 20 CFR 404.410, reduction of benefits for early retirement.
Last reviewed 2 November 2026. Results are estimates; see our disclaimer.